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Think gas prices are bad? Flights are next; banks waiving Ukraine transfer fees: CBC's Marketplace Cheat Sheet – CBC News

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3 years ago

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Miss something this week? Don’t panic. CBC’s Marketplace rounds up the consumer and health news you need.

Want this in your inbox? Get the Marketplace newsletter every Friday.

Shocked by the price at the pumps? The cost of your next flight might skyrocket, too

We’ve all been doing a double-take at the gas station lately. 

But as you come to terms with some prices exceeding even $2 a litre, you should brace yourself for the cost of flights to go up, too.

Experts say air travellers should expect sticker shock soon.

The cost of jet fuel is subject to the same forces that have caused gasoline prices to rise to their highest in years.

Jet fuel is one of the biggest costs that airlines bear, so experts say that surge will affect the price that travellers pay to fly, if it hasn’t already. Read more

A business jet is refuelled at the Las Vegas airport in this file photo. (David Becker/Reuters)

She called out TD Bank for charging her for donating to Ukraine aid efforts. It made a big difference

Krystyne Rusek, who is Ukrainian-Canadian, is questioning TD Bank after she was charged —  then later reimbursed — a $50 fee for donating to Ukrainian relief efforts several days after Russia invaded the country. 

Rusek says she went to her local TD branch on March 1 to contribute $1,600 to a special fund set up by the Ukrainian government. 

Her donation, and those of other Canadians supporting the fund, were being collected by a downtown Toronto BMO branch before being transferred to the National Bank of Ukraine, the central bank, and then sent to the Ukrainian Armed Forces.

After arranging the transaction, the TD teller told Rusek she had to pay a $50 wire transfer fee — the standard charge for customers sending a wire payment from a TD branch to a non-TD account in Canada or abroad.

“I paid it and I wasn’t upset about it,” Rusek told CBC Toronto. “But the next day, I started to think about it and realized that this was not right.”

After writing an email expressing her concerns to TD the day after making her donation, she was told two days later — after CBC News approached the bank about the situation — that she would be reimbursed. 

Now, TD says it will waive all fees for wire transfers to Ukraine, and reimburse those, like Rusek, who were initially charged for their donations. All other major Canadian banks say they will waive fees, too. Read more

Krystyne Rusek of Toronto donated $1,600 to a special fund set up by the Ukrainian government to support the country’s military as it fights off a Russian invasion. Initially, TD Bank charged her a fee, but later reimbursed her. (Spencer Gallichan-Lowe/CBC )

After a credit report mix-up, these newlyweds say they’ve lost their window to buy a house

There’s no shortage of signs the housing market has gotten a little out of hand over the past few years. 

The average house price in Canada is at an all-time high, and as any prospective buyer knows, the difference between a successful and failed bid on a home can often boil down to something as simple as timing. 

Jessica Rochon and her wife, Alison Holmes, learned this the hard way, after being denied a mortgage pre-approval because of someone else’s bad credit — a woman with almost the same name as Rochon, who lives a province away, in Quebec.

The two Rochons are not related and have never met, but their Equifax credit history appears to have been mixed into one file, causing financial problems — and a lot of headaches — for the Rochon in Ottawa. 

Following a Go Public inquiry, Equifax fixed the problem, but Rochon and Holmes say it’s now too late — they’ve been priced out of buying the kind of house they wanted. Read more

Jessica Rochon, right, and her wife, Alison Holmes, say they are now priced out of buying a house in Ottawa, after Rochon was denied a mortgage because of errors on her Equifax credit report. (Sylvain LePage/CBC)

What else is going on?

McDonald’s, Starbucks, Coke, Pepsi join companies suspending business in Russia
There are growing calls to boycott companies not taking a stand against Russia.

Mask mandates are being lifted in Canada — and could further divide Canadians
Politicization of messaging could further divide Canadians over masking in the future.

Why Canada is losing affordable rental housing faster than it’s being built
Large investors have been buying up Canada’s rental stock and increasing profits.

Marketplace needs your help

Are organic fruits and vegetables your first choice when you visit the grocery store? We want to hear from you. Send us an email telling us why organic is your go-to at marketplace@cbc.ca. 

Do you get regular phone calls claiming there’s a package being detained for you by Canadian authorities? Or demanding you owe money in unpaid taxes? Maybe someone claiming you’ve got a virus and need tech support? If so, we want to hear from you! Send us your name and phone number and we may get in touch with you. Email us at marketplace@cbc.ca. 

Catch up on past episodes of Marketplace on CBC Gem.

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Carry On Canadian Business. Carry On!

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20 hours ago

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October 22, 2024

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business to start in Canada

Human Resources Officers must be very busy these days what with the general turnover of employees in our retail and business sectors. It is hard enough to find skilled people let alone potential employees willing to be trained. Then after the training, a few weeks go by then they come to you and ask for a raise. You refuse as there simply is no excess money in the budget and away they fly to wherever they come from, trained but not willing to put in the time to achieve that wanted raise.

I have had potentials come in and we give them a test to see if they do indeed know how to weld, polish or work with wood. 2-10 we hire, and one of those is gone in a week or two. Ask that they want overtime, and their laughter leaving the building is loud and unsettling. Housing starts are doing well but way behind because those trades needed to finish a project simply don’t come to the site, with delay after delay. Some people’s attitudes are just too funny. A recent graduate from a Ivy League university came in for an interview. The position was mid-management potential, but when we told them a three month period was needed and then they would make the big bucks they disappeared as fast as they arrived.

Government agencies are really no help, sending us people unsuited or unwilling to carry out the jobs we offer. Handing money over to staffing firms whose referrals are weak and ineffectual. Perhaps with the Fall and Winter upon us, these folks will have to find work and stop playing on the golf course or cottaging away. Tried to hire new arrivals in Canada but it is truly difficult to find someone who has a real identity card and is approved to live and work here. Who do we hire? Several years ago my father’s firm was rocking and rolling with all sorts of work. It was a summer day when the immigration officers arrived and 30+ employees hit the bricks almost immediately. The investigation that followed had threats of fines thrown at us by the officials. Good thing we kept excellent records, photos and digital copies. We had to prove the illegal documents given to us were as good as the real McCoy.

Restauranteurs, builders, manufacturers, finishers, trades-based firms, and warehousing are all suspect in hiring illegals, yet that becomes secondary as Toronto increases its minimum wage again bringing our payroll up another $120,000. Survival in Canada’s financial and business sectors is questionable for many. Good luck Chuck!. at least your carbon tax refund check should be arriving soon.

Steven Kaszab
Bradford, Ontario
skaszab@yahoo.ca

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Imperial to cut prices in NWT community after low river prevented resupply by barges

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23 hours ago

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October 22, 2024

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NORMAN WELLS, N.W.T. – Imperial Oil says it will temporarily reduce its fuel prices in a Northwest Territories community that has seen costs skyrocket due to low water on the Mackenzie River forcing the cancellation of the summer barge resupply season.

Imperial says in a Facebook post it will cut the air transportation portion that’s included in its wholesale price in Norman Wells for diesel fuel, or heating oil, from $3.38 per litre to $1.69 per litre, starting Tuesday.

The air transportation increase, it further states, will be implemented over a longer period.

It says Imperial is closely monitoring how much fuel needs to be airlifted to the Norman Wells area to prevent runouts until the winter road season begins and supplies can be replenished.

Gasoline and heating fuel prices approached $5 a litre at the start of this month.

Norman Wells’ town council declared a local emergency on humanitarian grounds last week as some of its 700 residents said they were facing monthly fuel bills coming to more than $5,000.

“The wholesale price increase that Imperial has applied is strictly to cover the air transportation costs. There is no Imperial profit margin included on the wholesale price. Imperial does not set prices at the retail level,” Imperial’s statement on Monday said.

The statement further said Imperial is working closely with the Northwest Territories government on ways to help residents in the near term.

“Imperial Oil’s decision to lower the price of home heating fuel offers immediate relief to residents facing financial pressures. This step reflects a swift response by Imperial Oil to discussions with the GNWT and will help ease short-term financial burdens on residents,” Caroline Wawzonek, Deputy Premier and Minister of Finance and Infrastructure, said in a news release Monday.

Wawzonek also noted the Territories government has supported the community with implementation of a fund supporting businesses and communities impacted by barge cancellations. She said there have also been increases to the Senior Home Heating Subsidy in Norman Wells, and continued support for heating costs for eligible Income Assistance recipients.

Additionally, she said the government has donated $150,000 to the Norman Wells food bank.

In its declaration of a state of emergency, the town said the mayor and council recognized the recent hike in fuel prices has strained household budgets, raised transportation costs, and affected local businesses.

It added that for the next three months, water and sewer service fees will be waived for all residents and businesses.

This report by The Canadian Press was first published Oct. 21, 2024.

The Canadian Press. All rights reserved.

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U.S. vote has Canadian business leaders worried about protectionist policies: KPMG

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23 hours ago

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October 22, 2024

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TORONTO – A new report says many Canadian business leaders are worried about economic uncertainties related to the looming U.S. election.

The survey by KPMG in Canada of 735 small- and medium-sized businesses says 87 per cent fear the Canadian economy could become “collateral damage” from American protectionist policies that lead to less favourable trade deals and increased tariffs

It says that due to those concerns, 85 per cent of business leaders in Canada polled are reviewing their business strategies to prepare for a change in leadership.

The concerns are primarily being felt by larger Canadian companies and sectors that are highly integrated with the U.S. economy, such as manufacturing, automotive, transportation and warehousing, energy and natural resources, as well as technology, media and telecommunications.

Shaira Nanji, a KPMG Law partner in its tax practice, says the prospect of further changes to economic and trade policies in the U.S. means some Canadian firms will need to look for ways to mitigate added costs and take advantage of potential trade relief provisions to remain competitive.

Both presidential candidates have campaigned on protectionist policies that could cause uncertainty for Canadian trade, and whoever takes the White House will be in charge during the review of the United States-Mexico-Canada Agreement in 2026.

This report by The Canadian Press was first published Oct. 22, 2024.

The Canadian Press. All rights reserved.

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